Lammhults Design Group AB (publ)

And a warm welcome to the presentation of the second quarter for Lammhus Design Group. My name is Susanna Hillesko, I am the CEO and CEO of Lammhus Design Group and on my side I have Jesper Langebro who is CFO. Let's start the presentation. And we note that we continue the year in a stable way. We have a development that is in line with the first quarter, even during the second quarter. We have an order entry in the group that is at the level of Q2 2020-2024. And we have an order stock at the end of the period that is 23% higher compared to the previous year. This gives us positive outlook for the second half of the year. The sales during the quarter were on the same level as in 2024. The adjusted gross margin increased from 3.3% to 37.2%. The adjusted sales result improved from 13.8 million to 0.2 million kronor compared to previous years. If we look at it from a business perspective, we can see that the gross margin has improved by 3.3%. This is a result of the implementation of margin-raising measures. It is a collection of different measures in a larger or smaller scope. We are talking about price increases, we are talking about higher capacity utilization and cost savings within the production organization and supply chain. Förbättringen av det justerade rörelseresultatet med 13,8 miljoner till 0,2 miljoner plus är då relaterat till verksamhetseffektiviseringar, då pratar vi marginalhöjande åtgärder igen, kostnadskontroll, ökad samordning och synergier. Vi konstaterar även att åtgärdsprogrammet som lanserades 2024 ger effekt And we still expect that a larger part of this program will show results at the end of 2025. And we have two business areas, partly the Office Interiors business area, which undergoes a transition with the coordination of the sales organization, a new go-to-market strategy. And we also coordinate on a functional level over the company boundaries. In the second business area, Library Interiors, stable results are delivered. We focus on further efficiency and launch a new business system that creates opportunities for higher internal efficiency, better customer experience and growth in the future. We also see clear signs that the new Go-To-Market strategy, which was first launched in Norway, is already at the forefront. visar konkreta positiva resultat i form av större livgenerering, högre orderingång och högre försäljning och utrullning av motsvarande arbetssätt pågår i Sverige och Danmark. Och vi fokuserar på lönsamhet, interneffektivitet och tillväxt och vi konstaterar att marknaden är fortsatt osäker med en hel del försäljningar i projekt och leveransen. Om man tittar On the business, a little hands-on, a little closer to what we work with, we have launched here during the quarter a new website together with a new brand story. We are talking about Scandinavian Design Multiplied. The idea and other meaning with this is that our ambition is to deliver a result of our brands and the entire product portfolio that is larger than the individual units themselves. On the digitalization side, we have mentioned it in several contexts in the last quarter, it is digitalization with customer use in focus within Office Interiors in the first place. There we see a launch during the quarter from Lammhults, where the entire Lammhults product range is now available in the digital tool Picon, which facilitates for partners, designers and resellers. to design and present implementation solutions. And we have also launched a new education platform within Office Interiors, which is both for internal and external use. When it comes to Library Interiors, we also digitize here with primarily a focus on internal efficiency, but also improved user experience. A new business system that has been implemented during the quarter. A work that has been going on for a long time and has been implemented in a successful way in the organization. We focus on design and deliver some news to the market that has been presented in connection with various events here during the quite event-rich quarter that Q2 usually is. Here we see examples of new releases from our various brands that were presented here at Three Days of Design in Copenhagen in June. And we have also had a press release to the market that informs us that we are continuing investments in design, product and product development, or portfolio development within the framework of our coordination and our strategy forward. and we have started a strategic collaboration with Christiano Pigazzini and Note Design Studio. This investment is made in combination with the increase of our own internal resources in product and portfolio development and new investments on that front. When it comes to goods and brand exposure and networks, it is also mentioned in the report that Q2 is usually a heavy quarter when it comes to costs related to market investments. events that are relevant to our business. And here are examples of where we have participated. Trends and Traditions in Copenhagen, Clark and Well Design Week in London, Three Days of Design in Copenhagen and also the Milano Fair earlier this spring in April. Also at Library Interiors, you can show off your offer and you have done so in connection with a a meeting place in Bremen, which is the largest in Europe in the library industry. And in connection with 3Ds of Design in Copenhagen, we launched a new showroom concept. We have spoken a lot in our communication that our ambition is to go from selling products to offering entire solutions. And it is actually the launch of this concept that we have presented in connection with 3Ds of Design, where we go from products to inspired whole experience, where we see that our products and solutions combine each other and complement each other in a very good and effective way to be more relevant to our customers. And then we have left it a little more business-oriented description and then we go to the numbers part and then I leave the word to Jesper.

Thank you, Susanna. You have already heard some of the most important points in the results of the second quarter. But I will continue to go in depth on some things. In ordinary order, we talk about order entry and order stock. And as you can see, the order entry is at a level with what it was in the corresponding quarter last year. 241 million, almost spot on. And it's still a good development for us. We have, as you can see on the diagram, the white lines, we have increased the last three quarters. It plans out a little here in Q2, but the order block is still growing as It usually does seasonally. The order volume is now up to 234 million, an increase of 44 million compared to the same period last year. We usually say that the order volume is a good indicator of next quarter's sales results. We want point out that this order stack is stretching a little further than usual. So we can say that we feel a certain satisfaction with how we are before the second half of the year and are very happy with this increase. We feel quite good, in a good position before the start of the second half of the year. If we look at the different business areas, you can see that the order entry is a little lower for office interiors and it is up for library interiors. No big numbers, a fairly stable development both at the business area level and at the entire company. It is worth mentioning that both two increases on the order stack and a really strong increase of almost 40% for the library, which is ready to deliver in the second half of the year. If we go on with the turnover, we have come out of the decline and decline that we experienced during 2023-2024, from the middle of the two years. And we are showing here on a rolling 12 basis the third quarter in a row with a stable turnover. By stable we do not mean that we are satisfied with it, but we have broken the trend, we have stabilized the business. And the next step, as Susanna says, is to get ready to be able to benefit from a market growth. Vår omsättning landade på 212 miljoner, nästan identisk med vad den var andra kvartalet 2024. Det är nästan oförändrat både på Office och Library. Library är identisk på 61 miljoner. Office har en liten, liten ökning, men det är egentligen försumbart att landa på 152 miljoner i omsättning. Ni hör oss prata om hur det utvecklas på olika länder och olika huvudmarknader och värt att nämna kanske är att just Norge går av hur marknaden är i Norge men också What we experience are positive effects from the programs that we have worked with. And as Susanna mentioned earlier, the go-to-market model in Norway that we experience gives results. And the fact is that Norway has now risen and has risen and is actually our individual largest market in the office business area during the second quarter. As for the library, it has shifted from market to market between months and quarters. This quarter we have a good development in Great Britain and Denmark. A little weaker in France compared to previous years. But we experience that it is a strong and good market. France is our largest individual market in the library business area. And they had a very good second quarter of 2024. So it's nothing that makes us worried about that development. As we said earlier, the order stack is strong. The order entry has been strong for Library during the second quarter and they are well-equipped for the second half of the year. If we then look at the adjusted turnover result, then given the circumstances, that is to say a stable non-growth on sales, we are very pleased with the result. We have improved with almost 14 million kronor per quarter and come just above the zero line and end up at 0.2 million. i rörelseresultat. Vilket är en liten liten positiv marginal jämfört med minus 6% föregående år. Och rullande 12-kurvan eller last 12 months är väl ännu tydligare i diagrammet att vi rör oss uppåt. Vi har nu två kvartal med oss i detta året. with between 10 and 14 million improvements per quarter. We had a development that started already in the fourth quarter under 2024. As I said, we are looking forward to the development. Our harvest program gives results and we try to work with moving forward our market positions and be able to take both market shares and take advantage of markets that are starting to move, such as the Norwegian market for office. As Susanna said earlier, we have an improved gross margin on the company. And we have lower costs. And our response program affects both of these positions in a positive direction. And we estimate that we have with us about 7 million in improved movement results from the response program during the second quarter. These improvements are visible in both business areas, but especially in office, where we have an improved movement result with almost 13 million. And we see that the improvement comes from a higher gross margin on a stable turnover and lower costs, which comes, among other things, from the action program. And within the library, we also have a weakly positive result during the quarter, where we do not have the same effects. We do not have a program in the same way as in the office, but we of course work with business improvement measures. And even in the library, we see better gross marginals. However, a slightly higher cost for investments to deepen our market position on existing markets continues. But it also gives effect. So, to sum up the results, a good development since the third quarter of 2024 and we will continue this journey. Kassaflödet är något negativt i kvartalet men det är ingenting heller som sticker ut säsongsmässigt som så allvarligt. Om vi delar upp det i sina beståndsdelar så har vi ett svagt positivt från den löpande verksamheten. Den löpande verksamheten är dels vårt resultat från resultaträkningen och förändringar i rörelsekapitalet. And it is of course the major improvements to the turnover result that help us in these positions. We have a weak negative effect when it comes to turnover capital, but that is completely seasonal. We have a high sales in June that binds some customer orders. When it comes to the investment business, it is mostly active expenses for R&D. and the implementation of new business systems for the library business area. They are almost half of what they were last year, when we had large investments, among other things in solar cell facilities for Abstrakta. So again, the investment business is under control and we choose which investments that feel right and have the right financial impact in the future. We also include a term we call free cash flow, including leasing. Leasing, amortization, in registration rules, are actually ordinary rents. So we work with this term to have a fully operational cash flow. Det är dock då lite negativt på minus 7,2, men väldigt mycket bättre än föregående år. Nästan 12 miljoner bättre. Det kommer som sagt från de investeringarna vi gör och vi har säsongsmässigt resultat som vi har. Det ni ska ta med er härifrån är en förbättring på 12 miljoner. on the free cash flow and there is a lot in hand with the result improvement we have during the quarter. A little bit about our key figures we work with and we usually summarize some of them. The turnover is stable during Q2 both towards the second quarter of 2024, but also towards Q1 this year. Adjusted movement margins increased to a very low positive compared to very boring minus 6% previous year. And it is a mixture of, as I said, gross margin and costs that help us. The solidity has decreased slightly compared to last year's quarter, but not compared to Q4. This is due to the measures we took in Q4 last year. So it is stable on that level. The net debt is actually the same thing. It is a natural small decrease. And that is from the negative cash flow that actually drives the net and debt. Nothing is strange about that either. And of course we follow our average number of employees that are developing, if I may say so, in the right direction. We are now on average 265 FTIs in the group at the end of the second quarter, which for us is an improvement, an effect of the measures we take to land our organization in a way that we are both effective and reach the market in the right way.

And then we come to a summary. And what we see is that we have a starkly improved result in the second quarter. The invested turnover result was improved by 13.8 million to 0.2. And we see this improvement in both business areas. The invested gross margin matched with 3.3% and also here an increase in both business areas. The order entry and sales at the company level is in line with previous years and a continuously dampened market, primarily related to the business area Office Interiors. When it comes to the supply program, this continues in the quarter with the reorganization of the business area Office Interiors sales organization and we have started our function coordination over the company borders. And we handle parallel Arbetet med satsningar, besparingar, samordning med kundnytta i fokus för att framåt få en stärkt marknadsposition när marknaden vänder. Vi siktar fortfarande, som vi har kommunicerat tidigare, mot tillväxt för att vara ett växande bolag och en ebit-marginal på 8-10% som vi siktar på att uppnå under 2026. That brings us to the end of the presentation. Before we end here, we would like to mention that we will also be active on the market during the second half of the year and participate in a number of events. Here is a list of them. If you have the opportunity, you are very welcome to visit us, both here and there, and you can see the date and place for these different events. And I can say that what we look forward to the most in terms of design is Saturday, which will be an event here in September on the Norwegian market, where we are extra happy to show a new showroom with a new go-to-market strategy on a market that is going very strong, as Jesper mentioned earlier. And with that, we are well ahead with questions and answers. Vi får se om det har kommit in några frågor. Vi får se.

One moment. Let's see if we can get to the first question.

Yes, I can read aloud.

We have a question from Stefan. Oh, there are many questions. Kan ni utveckla hur förändringsarbetet i Norge förbättrat det operationella arbetet och tillhörande resultat? När förväntandet detta ska bli implementerat i Sverige och Danmark? Follow-up questions. We write that the highest market share costs for you occur in Q2. How much higher were they in this quarter compared to Q1? Do you see further opportunities for improvements in the gross margin? What is behind the strategic decision to deepen cooperation with NOTE? Shall I take it?

Then we come to the first question about the change work in Norway and how it has improved operational work. Yes, we have previously worked as autonomous companies within a group, within a group, where each a brand or a company has handled its sales on its own and based on the opportunities, conditions and resources, both economically and in relation to its size, you have had a few different conditions on the Norwegian market to cover the market geographically and customer-wise and when it comes to the customer segment. At the same time, one of our companies and brands, Foraform, is a Norwegian company that basically has a very strong position on the Norwegian market with a very well-established relationship with its customers and a high turnover, of course, on its domestic market and then the position that has been built up for many years. While our Swedish brands have historically had a significantly weaker position and therefore also limited resources. Now, when we work with the entire brand portfolio available to the entire sales team, there is suddenly the possibility that we have, de facto in practice, more sellers who have the opportunity to adapt the customer service after the situation, after the customer's preferences. And we can cover the geography in Norway in a completely different way with the presence, more often with more customers, at a lower cost. There is, as I said, the possibility of more sales. There are opportunities in a started customer dialogue around one project to be able to broaden our offer to the other brands as well, which has given very clear results so far. So the same person who previously said that a brand has well established contact with the customer, have suddenly more cards in hand to be able to make us more relevant in the same customer dialogue. And as I said, we started in Norway. We implement in Sweden and Denmark. In Denmark, we have actually already started this in greater extent. At the same time, we have some newly employed people who are going to come, newly employed sellers who are going to come into their roles in a good way. Men tankesättet finns där. När det gäller Sverige så har vi hanterat detta lite stegvis, både för att vi utgår från en lite mer, det ska man inte säga komplicerad, men vi har haft en annorlunda täckning i Sverige på alla varumärken jämfört med Norge, vilket har kanske gjort det lite svårare och vi vill gärna hantera situationen varsamt, både i förhållande till de anställda för att komma in i sina roller och inte minst för att kunderna ska kunna vänja sig. Men även där tänker vi i samma vana. Det som också föranlett att vi har marscherat lite varsommare i Sverige är för att vi ser att den större exponeringen och närvaron on the sales level, on the outsourcing, on the market, generate many more leads and therefore also demand for in-sale. And in order to be able to pair this in a good way in terms of resources, we do not want to overload, but we would like to maintain a good service to our customers and expect a service level when it comes to responding to demand and fees and so on. But the idea is that we must så bra det går efter omständigheterna. Marknadsföringskostnaderna under det andra kvartalet var nästa fråga. Hur mycket högre var de i detta kvartal jämfört med Q1? connected to fairs. We don't think from the operational perspective that we want to compare Q2 with Q1 in that way, because Q1 is the quarter that is usually loaded with the Stockholm fair. And there we have made a savings partly because we chose this year to focus on presence in our showroom during Stockholm Design Week, a slightly different approach than what we had before. In Q2, we had a completely different setting of exhibitions, as you saw in the presentation, and they usually mirror each other from quarter to quarter next year. I haven't really done the comparison myself, but we think it might not be so easy to compare over the quarter. But we participate in most of the exhibitions that we consider relevant in a way that we feel gives us value and is also selective with where we participate and in what way. Maybe not a hundred answers to your question, Stefan, but that's probably what we can offer here and now.

We can say that normally the whole first half of the year is full with a lot of high activity. And now it has mostly been Q2 this year. Exactly. And it is expected to be less in the second half of the year.

And actually, is it perhaps a little more right to compare half a year to half a year? Because it is also so that you prepare for a number of events under quarter two, some costs already arise under the quarter. So it goes into something else.

But there are savings in Q1 compared to earlier, and of course we are a little higher now, but it is not certain that it is permanent. It may be different next year.

Exactly. And then we have, if there are further opportunities for improvements in the gross margin, and there we are very convinced that there is. Det finns som sagt en uppsättning av marginalhöjande åtgärder och verktygslådor som man kan använda och det tänker vi göra även framöver då genom olika effektiviseringar. Så vi ser nu oss inte som fullt implementerade på den fronten.

Helt rätt.

And now we come to question four. What is behind the strategic decision to deepen the collaboration with Note's design studio? Yes, even here you can say that we go, as I said, if we talk about the business area, office interiors, as this is about at first, we go from completely autonomous companies and brands that have worked completely on their own, totally uncoordinated, over the company's borders. Vi har även sett situationer där vi ibland kanibaliserar inom varumärket, över varumärkets gränser. Vi har också sett exempel på att vi på ett naturligt sätt inte koordinerat vårt produktsortiment och erbjudandet. och vi har inte tagit ut de synergierna som vi skulle kunna göra om vi tänkte igenom vårt koncept på ett mer grundligt och bredare sätt. Vi tycker det är stort värde för oss att få in ett utifrån in-perspektiv. Någon som har brett nätverk, stor kunskap och erfarenhet inom design på marknaden. that, from an objective and customer perspective, look at us and work side by side with our own teams to optimize our total product portfolio. So that's the background. And as I said, this goes hand in hand with our own resources, where we would like to have this feedback here and now, Och vad är den bäst strategiska vägen framåt? När vi idag pratar ytterligare internationalisering, bättre marknadsposition och ta marknadsandelar med högre relevans på marknaden. Yes.

Vi kommer till en ny fråga. Stefan som fortsätter fråga hur mycket vi bedömer finnas kvar i besparingar kopplat till åtgärdsprogrammet. And I think the easy and quick answer is that we say 30 to 40 million on a yearly basis. Then we would say that we want to achieve 10 million per quarter on average. So we think there is more to get out of the program. We have not finished it, we have more to do and we will continue with that during the second half of the year. Nu ska vi se var vi är någonstans. Ge oss ett ögonblick. Vi har en fråga från Axel. Är topline-tillväxt en förutsättning för att kunna skala marginalerna och nå ett mål på 8-10 % på ebit? Let's not talk about the future, but I would say, to a certain extent, that we are doing what we can to make it more efficient. But a top line growth, both based on the fact that we are taking market shares as a result of our work towards the market, is probably, to a certain extent, a prerequisite. for us to achieve that.

We definitely want to be a growing company by definition, right?

Exactly, and we have previously talked about that it was a question, I think, last quarter about what more should happen to achieve this. We say that the action program is part of it. We are working with a balanced approach, from price increases when we feel that the market can handle it, and other initiatives to grow volumes and establishments on the market. Jonathan has a question about the number of employees, which is 264, which is 9 fewer compared to the first quarter. Can you say something about the level and if there is more to do in the second half of the year? Ja, vi kan väl säga så här att åtgärdsprogrammet fortsätter. Sen är det inte så att vi har som ambition att gå och minska antalet anställda But we have to look at all the functions, and if we go towards a function-oriented organization, then it can be a result, but not necessarily. Because we also want to ensure that we are effective and that we are on the market. So maybe three clear answers. We look over all alternatives to become a better company, one might say.

Absolutely. It is very important for us that we have competence within all functions, right?

Yes, and in some cases it can also be about what is best to do within the company and what is best to do with external expertise.

Exactly.

Axel has a question here. Are we dependent on a better market to grow Topline? It's almost hand in hand with the previous question. We can say that we always work with taking market shares and being a better partner on the market. So we can say as before, it takes a certain growth on Topline. Then if it comes from our own activities or the market, It is not as important.

But we are very convinced that the activities that we operate, the measures we take, gives us a better chance to take market share than before. Then, of course, it is always easier when you have a market with you, as well as increasing the top line. But it is not entirely dependent on it.

Ulle has a question for us. Is it reasonable to assume that growth in Norway is driven by the fact that sellers now, who previously privately sold for reform, now also sell other brands to existing customers? And that is one of the driving forces that we definitely see. But we also see that the Norwegian market is not dampened in the same way as other Scandinavian markets. So it happens a little in the market itself as well.

Men som sagt i grunden har vi väldigt stark marknadsposition och vi levererar projekt som vi har jobbat länge med samtidigt som det kommer in nya projekt så att det är precis som Jesper säger här det är en av anledningarna och en positiv effekt och framförallt för de mindre varumärkena så ser vi då alltså på den norska marknaden så ser vi en riktig uppgång med vid sidan av fordons tillväxt vilket är väldigt glädjande.

Ulle continues with a question. Have you identified any sortiment gaps in the joint offer of the group?

Och det är väl precis det vi jobbar med här i det här nya upplägget med Christian och med egna resurser med samordning över varumärkesgränserna med vår funktion inom strategi då Beatrice Henriksson. Så att här är ett teamwork som just går igenom hela vårt sortiment och erbjudande, hela portföljen och tittar på eventuella luckor, möjligheter, överlappningar, effektiviseringsmöjligheter. So this is exactly the path we are on right now.

And also the evaluation of which brands that carry certain product categories best in the group.

And towards which markets.

Ulle continues with a question. What is it that drives sales growth in the rest of the world within Office? Is it a single large project or are there many small customers?

Det kan jag säga att det är många små kunder och vissa projekt här och var. Det är en hel del projekt som exporteras från Norden med arkitektkontor i de nordiska städerna till exempel med slutkunder i övriga världen. Så där är vi gärna med på dem. Och sen har vi även delvis egen personal med en del agenter som plockar upp affärer. So it's a bit of a mixed bag, I would say.

Yes, this quarter we have had a good development in forage export business and partly also abstract. But it can also go from quarter to quarter and brand to brand.

Exactly. Projects that pop up and then build.

Olle has a question. The storage values have been relatively stable for three quarters in a row now. Is the current level the new normal given the current turnover? Well, storage, capital binding is something we always work with. And of course, as many companies try to optimize their storage levels for the market situation. for seasonal variations. We can say that our ambition is to continue to reduce the storage. But afterwards, as you do it, the opportunities often decrease. But we believe that there is a little more to work on, we can summarize it as. Johan has a question. What type of sales is it that works in the current market? Sales and order entry are the same as last year. What are the differences in the composition of these?

I'm not really sure what type of sales is in the current market. Of course, given the way the market looks, you have to be even more proactive than you are when it comes to high-conjuncture. But we operate about the same approach to till våra kunder som tidigare. Nu digitaliserar vi i högsta grad vilket också är en typ av försäljning där vi underlättar för våra kunder och vi underlättar för oss själva. Den inre effektiviteten gör att vi får loss resurser till att bearbeta kunderna aktivt istället för att lägga alldeles för mycket tid på administration eller beredning av offerter. Men vi tittar på breddning av målgrupper work even more long-term, even more marketing towards end customers, to increase brand specification, that we should be specified at the level of architects, and keep the opportunities without being replaced, and so on. And this relevance in all aspects is very important. fler segment mot fler målgrupper som jobbar mer långsiktigt och där vi då stärker vår position och blir specificerade i större utsträckning. Det är någonting som vi siktar på. Jag är inte säker på, Johan, exakt vad du menar, men We might be able to wrap this up.

Johan has another question here. Are you still on the way to the 8-10% moving margin of 2026? Or do you feel greater uncertainty regarding this goal today? To what extent are you dependent on a better conjecture to reach the goal? I would say that we feel that we are on the way to this goal. It is worth saying that it is formulated as if at some point during 2026, and probably towards the end of 2026, i.e. not on an annual basis, but that we have reached such a run rate, that we are at that level. And we believe that we will achieve that. We have six quarters to work, and it is both a program and market investments. And in general, we can say that we have a good incentive effect in the increase in sales. It does not need so much growth in sales to have a good development of the movement result. So in that way we are not dependent on a better conjecture. We will work to move forward our positions. We can do a whole lot ourselves. But of course it does not hurt if we see a conjecture a bit like we see in Norway or our industry that is developing in the right direction. We have what looks like the last question from Gunnar. How much of the cost of restructuring in 2025 affects the cash flow and how much is a reduction in access? Everything under 2025 is the cash flow's impact so far, but it is not more than 2.2 million in two quarters. And we, I would say with great certainty, have made the regulations that were considered appropriate, and we took them in the fourth quarter of 2024. Now we are working partly with investments in the brand's joint organization in Office, And of course look at efficiency, processes, organization, which can lead to other types of costs. If I remember correctly, we estimate that we have three to six million left in potential costs for the entire program. And that will be cash flow impact in that case.

Ja, och då ser det ut som att vi har avverkat den sista frågan, i alla fall vad vi kan se. Vi kan kanske, är det någon sekund om det skulle komma in någon till? Det ser inte ut så.

Nej, det ser väl ut som att vi går mot ett avslut.

Precis, och vi hoppas att vi har i alla fall någorlunda kunnat besvara de frågorna som ni har ställt. Och vi tackar för stort intresse här med frågor. Alltid spännande att få både frågor och feedback. Och som sagt, tackar för den här omgången, presentationen. Och önskar alla en trevlig sommar och semester. Och så ses vi i samband med Q3-rapporteringen.

Det låter perfekt.

Jättebra. Ha det så bra alla och trevlig helg. Hej då!